Musk won't spend any more money on politics

Elon Musk, the richest man in the world and one of the main financiers of Donald Trump's Republican campaign last year, has announced that he plans to significantly reduce political spending.

"As far as political funding goes, I'm going to be much less involved in the future. I think I've done enough," Musk said at an economic forum in Qatar.

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He spent nearly $300 million last year supporting Trump's presidential campaign and other Republican candidates, including tens of millions of dollars on media campaigns and activities in battleground states. His main political fund, America PAC, declined to comment on the new statement.

Although he did not completely rule out the possibility of a new investment in politics, Musk said that in the future he will be much more careful: "If I have a reason to spend on politics in the future, I will," reports cnn.

This change could be a major blow to Republicans, who have seen Musk as one of their most important donors and a strong supporter in their election campaigns.

Musk also confirmed that he will remain at the helm of Tesla for at least another five years, in an attempt to allay concerns about his prominent role in Donald Trump's administration, where he heads the Department of Government Efficiency (DOGE). This department, among other things, has led massive cuts to the number of government employees and suspended a large part of US foreign aid.

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However, his political engagement has sparked protests and boycotts of Tesla across the US and Europe, which has led to a decline in sales and the value of the company's shares. Since Donald Trump's inauguration in January of this year, Tesla shares have fallen by about 20 percent.

Last month, Musk announced that he would reduce the time he spends in administration to one to two days a week, to convince investors that he remains committed to Tesla.

In the American public, opinions about Musk are deeply divided along political lines – most Republicans have a positive opinion of him, while most Democrats express a negative attitude. According to the latest Reuters/Ipsos poll, 58 percent of respondents have a negative opinion of Musk, while 39 percent have a positive opinion. /Telegraph/